A Binance executive is reportedly saying that the United States’ crackdown on digital assets has created a “very difficult” business climate in the country for the crypto industry.
According to the Financial Times (FT), Patrick Hillmann, the chief strategy officer of the world’s largest crypto exchange, says US regulators have caused much confusion in the digital asset sector through their enforcement actions.
Hillmann’s comments were reportedly made during the Financial Times crypto and digital assets summit, which took place on May 9-10.
says Hillmann,
“[The US] has been very confusing for the past six months.
FT says Hillmann cited the recent move by the US Securities and Exchange Commission (SEC) to send a Wells Notice to Coinbase warning of a possible enforcement action against the company for allegedly violating securities laws.
According to FT, Hillmann spoke more positively about doing business in the United Kingdom than in the United States.
“Contrary to his comments that it was now a ‘very difficult time’ to do business in the US, Hillmann said Binance would do ‘everything we can’ to get regulated in the UK.”
In March, the US Commodities Future Trading Commission (CFTC) charged Binance and its CEO Changpeng Zhao (CZ) with a long list of alleged regulatory violations.
Zhao called the complaint “unexpected and disappointing” at the time.
Hillmann says that while there has been a “broader regulatory backlash” against crypto in the US, he is optimistic that the US will begin to warm to crypto as other jurisdictions make progress in adopting sensible regulations for digital assets such as the Markets in Crypto Asset Regulation (MiCA) in Europe.
says Hillmann,
“I expect that at some point the US will want to pivot and catch up with Europe, which has just passed Mica [the EU’s crypto asset regulation]which is a huge step forward.”
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